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Use graphical approximation techniques or an equation solver to approximate the desired interest rate. An employee opens a credit union account and deposits $110 at the end of each month. After one year, the account contains $1324.06. What annual nominal rate compounded monthly has the account earned? The annual nominal rate is %. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)

Use graphical approximation techniques or an equation solver to approximate the desired interest rate. An employee opens a credit union account and deposits $110 at the end of each month. After one year, the account contains $1324.06. What annual nominal rate compounded monthly has the account earned? The annual nominal rate is %. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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K Use graphical approximation techniques or an equation solver to approximate the desired interest rate. An employee opens a credit union account and deposits $110 at the end of each month. After one year, the account contains $1324.06. What annual nominal rate compounded monthly has the account earned? The annual nominal rate is%. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:K Use graphical approximation techniques or an equation solver to approximate the desired interest rate. An employee opens a credit union account and deposits $110 at the end of each month. After one year, the account contains $1324.06. What annual nominal rate compounded monthly has the account earned? The annual nominal rate is%. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
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